Phoenix was the poster child for the housing bubble: Speculation sent home prices soaring by annual double-digit increases for three years until the bubble popped in 2007 and they have fallen more than 47% since.

Foreclosures have been a big problem here and many people who lost their homes are now renting. As a result, rents are on the rise. Local Market Monitor estimates rents will increase by more than $100 a month over the next three years.